Borgas Frontrunner for Syngenta CEO?

Swiss agrochemicals giant Syngenta, currently in the throes of being acquired by ChemChina for $43 billion, may soon have a new chief executive.

That is, if none of the currently circulating alternative scenarios such as the Chinese company’s $35 billion loan falling through or a Western competitor pulling off a last-minute surprise coup comes in between.

Israeli media speculated this week that Stefan Borgas, former CEO of another Swiss-based chemical company, Lonza, and currently head of Israel Chemicals (ICL), may have the inside track to lead the agrochemicals producer into its new future.

The German-born manager who also has worked for chemical giant BASF in managerial functions has served as a member of Syngenta’s supervisory board since 2009.

An ICL spokesperson told the news agency Reuters, “there is no change in the role and status of Stefan Borgas.”

The Israeli firm’s chairman, Nir Gilad, has announced plans to step down in September of this year. A successor has not been announced.

Since the departure of former CEO Mike Mack in October 2015, two months after the company rejected a hostile takeover by US rival Monsanto, Syngenta has been run by its chief financial officer, John Ramsay.

On announcing it had accepted the Chinese takeover bid, the Swiss company said it planned to appoint its new leadership team in close cooperation with its new owner. According to the Israeli newspaper Haaretz, Borgas is currently talking to ChemChina’s chairman, Ren Jianxin.

The two men met last year when ICL formed a phosphate joint venture in China with Yunnan Yuntianhua and took a 15% equity stake in the company.

Haaretz points to a reportedly tense relationship between Borgas and Idan Ofer, who controls ICL through his holding company The Israel Corporation, over ICL’s sales and earnings performance and dividend policy.